Kazakhstan’s President suggested working out global mechanisms to regulate issuance of derivatives and exercising control over offshore zones

Kazakhstan’s President Nursultan Nazarbayev suggested working out global mechanisms to regulate issuance of derivatives and exercising control over offshore zones, Newskaz.ru reports.

According to him, “sense of moderation is the major thing taught by the global financial crisis”.

“The financial sector shouldn’t develop independently from industrial production – whether it be national or global scale. Before the global financial crisis erupted the turnover of derivatives exceeded the aggregated global GDP 8 fold; therefore it is of paramount importance to put in place an effective model to regulate issuance of derivatives”, President Nazarbayev said when speaking at a plenary sitting at the 6th sitting of the Astana Economic Forum.

“Secondly, there should be some mechanisms to control global offshore zones (…) money siphoned off national economies make up $30 trillion … this money is like a delayed-action mine that could detonate any time. The situation around Cyprus is a warning of such problems”, he added.